Details on BC speculation tax

The BC Government has provided details of a new real estate speculation tax.

-.5 tax for BC owners
-1% tax for Canadian owners
-2% tax for non-canadiana owners
-Exemptions for BC owners under $400k
-Does not apply to rural vacation property

So what do you think, have they struck the right balance on this tax and what impact do you think it will have on real estate prices?

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Just me
Guest
Just me

The case for a land tax (exactly what the UDI and developers oppose, for obvious reasons)

https://www.economist.com/blogs/freeexchange/2015/04/land-value-tax

Just me
Guest
Just me

“Other economists like it too. Adam Smith said “nothing could be more reasonable”; Milton Friedman termed it “the least bad tax”. Winston Churchill said scornfully that a landlord “contributes nothing to the process from which his own enrichment is derived”. The Organisation for Economic Cooperation and Development, a Paris-based thinktank for industrialised countries, supports the idea. So too did a recent working paper by the International Monetary Fund and the Mirrlees Review of British taxation by the Institute of Fiscal Studies. ”

Just me
Guest
Just me

“His best-known follower was Henry George, perhaps the only tax theorist in history whose beliefs have become the object of almost cult-like devotion. One of his fans invented the game now known as Monopoly, to exemplify the evils of untaxed rent. In a book called “Progress and Poverty”, published in 1879, George argued that land-value levies should replace all other taxation, leaving labour and capital to flourish freely, and thus ending unemployment, poverty, inflation and inequality.”

Just me
Guest
Just me

“ David Ricardo termed unearned income from land as a pernicious anomaly: “that portion of the produce of the earth which is paid to the landlord for the use of the original and indestructible powers of the soil”.”

kabloona
Member
kabloona

“Billions in B.C. assets caught up in high-profile Chinese fraud case”

:-O

https://www.msn.com/en-ca/money/topstories/billions-in-bc-assets-caught-up-in-high-profile-chinese-fraud-case/ar-AAvgxGo?li=AAadgLE&ocid=spartanntp

🙂

“China says the former chairman of Beijing-based Anbang Insurance Group defrauded mom-and-pop retail investors of more than US$10 billion and the company used that money to buy trophy assets overseas, including prime office towers in downtown Vancouver and a major B.C. seniors’ care company.
The allegation puts these B.C. deals, which each exceeded $1 billion, into the world of what is emerging as one of China’s biggest financial crime trials, with pundits trying to parse out Beijing’s desire to crack down on rising debt levels versus its political motivations for going after Wu Xiaohui and Anbang.
“It’s so interesting,” says Christine Duhaime, a Vancouver-based lawyer. “Goodness knows what it means for the Vancouver assets other than there will be a fire sale to get rid of them.”

Just me
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Just me

Great commentary on Justin Trudeau. From Britain, with love.

https://youtu.be/XSe3vQCRXvI

Just me
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Just me
Just me
Guest
Just me

“Chinese Buyers:

Berends, the Oakville homeowner, has placed ads in several Chinese media outlets in hopes of attracting foreign shoppers. “Apparently there are still buyers in mainland China, but they’re not really jumping,” she said.

She’s hoping to retire to a home she’s building north of the city in a few years, but she’s waiting for the right price for her existing house.

“I’m thinking we might have to take it off and wait till next year,” she said. “It’s just so difficult to know.”

oncebittwiceshy
Guest
oncebittwiceshy

Meanwhile, for all those bulls that thought the Credit Unions were going to be the OSFI saviours.

http://vancitycondoguide.com/detached-home-flipping-10-year-low/

“Meanwhile, credit unions have failed to replace the hole left by the big banks following the B-20 mortgage stress test. Per Northcove Advisors analyst Ben Rabidoux on Twitter, “If credit unions are providing a workaround to B-20, it’s sure not showing up in the data yet. Annualized mortgage growth from the end of 2017 is 1/3 that of the banks.”

Just me
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Just me

“A $3M purchase now requires a foreign buyer to cough up $668,000 in taxes upon closing. ”

“Further, it appears BC has also been relatively successful in it’s ability to curb funny money entering BC casinos and local Real Estate. Eby noted suspicious transactions to B.C. casinos had fallen to $200,000 in February, down from a high of $20 million in July 2015.

“We have reduced it by a factor of 100,” said Eby, who has also requested national aide in it’s attempt to curb illicit money diluting the property market.”

Just me
Guest
Just me

I am not regretting the way I voted last May. If an election was held today, I am confident the NDP would get a clear majority.

If house prices actually fall and remain at more reasonable levels, the NDP will benefit handsomely in a couple of years.

Just me
Guest
Just me

Developers ask for exemption from B.C.’s speculation tax on development land

http://vancouversun.com/news/local-news/developers-ask-for-exemption-from-b-c-s-speculation-tax-on-development-land

Bag it and tag it
Member
Bag it and tag it

Sorry developers, you donated to the wrong party

Bag it and tag it
Member
Bag it and tag it

Maybe once construction has started, but not while they’re sitting on it as a way to restrict supply and keep prices high.

Just me
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Just me

These guys are whining because their profits will fall by a few million. Meanwhile, people with good jobs are struggling to put a roof over their heads.

The land is the one single thing the tax should tax. I would argue it is more important to tax vacant land than to tax buildings.

The NDP should get their heads checked if they give developers a tax exemption.

Best place on meth
Member
Best place on meth

I would triple the tax on land, maybe even more.

Stop sitting on it and use it.

Whistler or bust?
Guest
Whistler or bust?

USSR?

Just me
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Just me

Hardly. Read Adam Smith, or any economic textbook, on land taxation.

Just me
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Just me

https://www.adamsmith.org/blog/tax-spending/tax-simplification-the-case-for-a-land-value-tax

“Ground-rents, so far as they exceed the ordinary rent of land, are altogether owing to the good government of the sovereign, which, by protecting the industry either of the whole people, or of the inhabitants of some particular place, enables them to pay so much more than its real value for the ground which they build their houses upon… Nothing can be more reasonable than that a fund, which owes its existence to the good government of the state should be taxed peculiarly, or should contribute something more than the greater part of other funds, towards the support of that government.”

Just me
Guest
Just me

By the way, every sane economist in the world will agree that a land tax is the most efficient way to raise government revenue. Not distortive and hard to evade, while effective in reducing land speculation and hoarding).

It forces people to use land efficiently.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

I’ve not found any sources for economists saying that land taxes are the most efficient. In fact most that I saw suggested that consumption taxes are best. I’m sure you can back up your claims with a link, mind.

Just me
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Just me

https://www.economist.com/news/finance-and-economics/21580130-governments-should-make-more-use-property-taxes-levying-land

“TAXES on property go back a long way. Ancient civilisations from Greece to China had levies on land. In 11th-century England the Domesday Book, a record of who owned what land, documented William the Conqueror’s tax base. Britain had a window tax in the late 17th century, well before it introduced an income tax. In America local governments have raised money from property taxes since the colonial era; the federal income tax has been in place only since 1913.”

Just me
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Just me

“… overall, property taxation plays a relatively small role. That’s a pity. Taxing land and property is one of the most efficient and least distorting ways for governments to raise money. A pure land tax, one without regard to how land is used or what is built on it, is the best sort. Since the amount of land is fixed, taxing it cannot distort supply in the way that taxing work or saving might discourage effort or thrift. Instead a land tax encourages efficient land use. Property developers, for instance, would be less inclined to hoard undeveloped land if they had to pay an annual levy on it. “

Bestplaceonearth
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Bestplaceonearth

It’s only the freeloaders that always ask for more taxes, because it’s not their land and their money. If you don’t think the people are being taxed enough, get yourself an MRI, NDP paid shill.

Just me
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Just me

There are a variety of lots left empty for clearly speculative purposes (see for example the land plot at Alma and 10th owned by a company based in Vancouver called Landa Global, or the lot at Burrard and Davie).

These guys buy land and leave it empty (or give it to people for community gardens to score brownie points) waiting for its value to skyrocket. Same with many land assemblies.

It is crucial that the tax is kept (and even made harsher) on undeveloped land: this will force them to develop it rather than sitting on it.,

Selective Memory
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Selective Memory

Brownie points? More like a custom-tailored tax break from Vision Vancouver. Turning those vacant plots into community gardens gets them a huge reduction in property taxes. You probably knew that. Still, it’s cute to imagine developers slapping together those poisoned gardens out of altruism.

Just me
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Just me

The opposite of good policy. Taxing vacant land would be Econ 101 on efficient taxation.

Sadly, Vancouver lives in a void where gravity and rationality do not apply. Developers and the RE lobby exert a disproportionate amount of influence. Politicians are sheep.

That is why we need more people like David Eby.

Bestplaceonearth
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Bestplaceonearth

If you are so smart and know it all and have solutions , why are you still landless? Why don’t you join the NDP goons?

Specuskeptic
Member

Why aren’t you out making millions and bidding on property? It’s going straight to the mooooon!

Best place on meth
Member
Best place on meth

NDP goons?

Oh bpoe, ever since the budget you been lashing out repeatedly in what seems like extreme pain.

Do you need something to calm you down and ease your suffering?

Have you heard of fentanyl?

It’s made by your best friends from a wonderful country…..a people’s country.

backwardsevolution
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backwardsevolution

Yep.

Just me
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Just me
Just me
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Just me

“Since a 2015 exposé in The New York Times about “hidden global wealth” pouring into Manhattan’s most elite condo buildings, there has been some attention on a “growing proportion” of wealthy foreigners, who have been the subject of government inquiries in their home countries for cases involving white-collar housing or environmental violations and financial fraud, buying assets in North America with few questions asked.”

Just me
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Just me

“Now, the visual of what is being suggested by the Chinese government’s allegations against Wu and Anbang should be a wake-up call, according to Alesia Nahirny, executive director of Transparency International Canada.

Nahirny says she wouldn’t categorize Anbang’s funds as necessarily being illicit. That’s normally a description reserved for money that is tied to nefarious and organized crime, but she says it’s a problem if Anbang has been diverting funds into deals in Canada that it raised by aggressively promoting risky wealth-management products to unsophisticated investors in China.

“(Money from) practices that happen elsewhere is coming to us. We are connected to it. If we are not putting the proper measures in place, we are complicit,” says Nahirny.”

Just me
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Just me

““It’s so interesting,” says Christine Duhaime, a Vancouver-based lawyer. “Goodness knows what it means for the Vancouver assets other than there will be a fire sale to get rid of them.”

She’s been watching Anbang’s activities in Vancouver since it first got the green light from the federal government in 2016 to buy the Bentall Centre office towers and retail mall in two transactions for over $1 billion, even though it wasn’t clear how Ottawa was able to tick off basic ownership questions about Anbang when no one else in the world could.”

Best place on meth
Member
Best place on meth

“She also drew attention to the speed at which Anbang’s $1 billion-plus purchase of Vancouver-based Retirement Concepts, a seniors’ care company, was approved by the federal government in 2017, considering the layers of ownership and the sheer task of translating verifying supporting documents from Chinese to English. ”

Fucking Turd should be executed for this, that scummy little feminist communist.

All of Canada’s politicians on all levels have become such scumbags lately, we need PR in the worst way so that NO single party ever gets to sell us out in backroom deals ever again.

Just me
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Just me

Mc Callum probably advocated for the deal. He claims we should open ourselves to China.
Let’s all embrace the biggest dictatorship in the world!

Just me
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Just me

“China says the former chairman of Beijing-based Anbang Insurance Group defrauded mom-and-pop retail investors of more than US$10 billion and the company used that money to buy trophy assets overseas, including prime office towers in downtown Vancouver and a major B.C. seniors’ care company.”

bestplaceonearth
Guest
bestplaceonearth
Bag it and tag it
Member
Bag it and tag it

Liberals never made mistakes like this because they did absolutely nothing other than sit back an toss logs on the fire.

Specuskeptic
Member

Well, if it’s fentanyl money laundered through casinos and real estate, I’m down with the “no deal” response…. I’d wear that badge with pride in those specific circumstances, actually.

Name
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Name

http://www.news1130.com/2018/03/29/richmond-hospital-acute-care/

More great work by the BC NDP investing in our communities and residents.

KickThemOut
Member
KickThemOut

Think you are cheering a bit too early….it’s not even in the design phase yet.

Strata Hacker
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Strata Hacker

Stupid bears are the masters of premature celebrations of victories that never seem to happen.

Name
Guest
Name

“This project’s a go!” announced Horgan today.”
“Horgan says it will be completed before 2020.”
“This is now part of of the capital plan of the province of British Columbia”

Sounds like a done deal to me but I suppose the BC Liberal pumpers in their shady world won’t believe anything good comes from the BC NDP.

Sebastien
Member
Sebastien

411 E 57th Avenue, Vancouver
Nov 6:$1,999,000
Mar 28: $1,535,000
Change: – 464,000 -23%
A: $1,439,700

2942 E Georgia Street, Vancouver
Dec 11:$1,580,000
Mar 28: $1,188,000
Change: – 392,000 -25%
A: $1,275,300

20922 42 Avenue, Langley
Feb 28:$2,488,888 (8s biatch!)
Mar 28: $1,788,000
Change: – 700888.00 -28%
A: $1,382,900

10201 Michel Place, Surrey
Aug 29:$1,348,000
Mar 28: $1,089,000
Change: – 259,000 -19%
A: $1,086,000

5790 Adera Street, Vancouver
Sep 13:$9,280,000
Mar 28: $7,980,000
Change: – 1,300,000 -14%
A: $8,081,000

Oracle
Guest
Oracle

So how’s everyone voting in the referendum?

If just 10 out every 60 past NDP and Green supporters disgusted with the current coalition non action on housing vote No. it’s game over.

The whole last years conversation was a waste.

Dave
Member

The real question is voter turnout. The NDP and Greens gamed the system by putting the referendum on the ballet for municipal elections, which have extremely low turnout.

The voters for change are far more motivated than your average voter.

Since it’s a tight vote (50:50), the side with better turnout wins. That means the referendum is going to pass.

It’s too early in the NDP mandate for this to be a referendum on them. Although it will be to a lot of voters, which is why this whole thing is a terrible idea. People are going to vote due to party politics (as you say above), rather than what’s best for our democracy. Terrible.

Oracle
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Oracle

Agree.

A big part of me thinks NDP is going to sabotage it.

We will know in 7 months.

Bag it and tag it
Member
Bag it and tag it

YES to PR, YES to democracy.

KickThemOut
Member
KickThemOut

You mean NO to real democracy, and NO to INDEPENDENT candidates?

Dave
Member

If you believe in democracy you would vote no because gaming the vote isn’t democracy.

I might vote yes just to watch this Province burn. We need an economic depression here in the worst way. We’re basically the worst place in North America to invest in things not real estate because we’re at the mercy of a vocal minority against all things. I hope we get what we asked for. I think PR gets us there faster, which in my mind is ripping the bandaid off rather than delaying the inevitable. Get used to higher taxes, higher prices, higher gas, a lower dollar and overall, less disposal income. Let’s see if BC can beat Quebec and Ontario to the bottom because we’re all headed there.

Yes on PR!

Oracle
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Oracle

Hopefully we can get a true people’s party. These 3 currentynall seem to be in it for thenselves. That’s why I think they won’t let a populist party rise. .

KickThemOut
Member
KickThemOut

No independent candidates or party possible under PR. You would know that and hence I can only conclude that you are purposely working for the status quo and big party special interest group politics.

backwardsevolution
Guest
backwardsevolution

Yep.

Specuskeptic
Member

Exactly the opposite. PR breaks party monopolies and encourages multiple parties and independents. European parliaments that use PR have far more parties and independents elected.

Just me
Guest
Just me

I am voting for PR. Enough of small parties taking advantage of political fragmentation to stay in power.

I think that if a party gets 35% of the popular vote, it should get 35% of the parliamentary vote. There are pros and cons. In my view the pros more than offset the cons in BC. It might not work federally or in other provinces, but it will be better here.

It will be the end of the homeowners’ party.

Oracle
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Oracle

The other side yelled louder and they got the spec tax rescinded.

Keep up the good work here on this blog.

UBC in crisis
Guest
UBC in crisis

Flipper’s special (empty since last sold):
6088 NEWTON WYND, University, Vancouver West
11-Apr-2017 $9,000,000
Listed for $10,690,000 (assessed: $10,044,000)
http://www.realtylink.org/prop_search/Detail.cfm?areatitle=&ARPK=&ComID=&agentid=&MLS=R2233198

Flipper’s special # 2 (empty since last sold):
1896 WESBROOK CRES VANCOUVER
02-May-2015 $6,100,000
Listed for $11,780,000
http://www.realtylink.org/prop_search/Detail.cfm?MLS=R2232948&REBoards=All&From=MLS

Just me
Guest
Just me

I loved this one! A 6 million profit for holding empty for two years.

1896 WESBROOK CRES VANCOUVER
02-May-2015 $6,100,000
Listed for $11,780,000

Definitely a local binging on credit, right? China money plays no role, or so we are told by some…..

Shut It Down Already (original)
Guest
Shut It Down Already (original)

I’d be interested to hear how you know it was empty.

But once again you misrepresent my view. I never once said that every single property is bought by a local. We have stats, remember?

See Saw
Guest
See Saw

How so? There has always been a LOT of local/Canadian money sloshing around in this city. A lot of “old money” and “new money”. So, keep pumping away at The Yellow Peril angle, shill; it “might” still spook a few locals into FOMO-buying.

BTW, don’t you ever get tired of playing “good cop, bad cop”?

Name
Guest
Name

It’s quite clear it is money laundering.

KickThemOut
Member
KickThemOut

Proof? Maybe you should tell Eby that so he can prosecute.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

He’s watched too many movies.

Bag it and tag it
Member
Bag it and tag it
Just me
Guest
Just me

I watched the video. Who knew that parliamentary proceedings could be so exciting?.
Worth every minute and highly recommended!

You gotta love David Eby, Best public figure in BC, by a long shot.

KickThemOut
Member
KickThemOut

China shirking its responsibility as a responsible global citizen and giving a big fat middle finger to environment – https://www.ecowatch.com/us-china-foreign-waste-2553215414.html

But then what can you expect? Apparently, my Chinese coworkers think environmental destruction is not a problem but rather a sign of social & technological progress. Shocked to learn that China actually worship people responsible for massive environmental & ecology destruction as national heros!

Dave
Member

That’s because you’re generations removed from poverty, they aren’t.

If you didn’t have food, clothing and shelter, you’d be quite happy to have a little bit of smog or a few less trees for an improved life.

KickThemOut
Member
KickThemOut

Why are you defending China’s irresponsibility as a global citizen and them shirking environment protection and the climate change accord they signed? Are you a fucking traitor?

Dave
Member

No, I think people are more important and come first. Let’s get the world fed, housed and clothed before we worry about a degree or two of additional temperature. A real problem now versus a maybe problem in the future, should always take priority.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

A “degree or two” doesn’t sound like much, does it?

Best place on meth
Member
Best place on meth

Especially when it’s a natural cycle, not something “man made”.

KickThemOut
Member
KickThemOut

Top secret meeting between Xi and Kim – https://www.cnn.com/2018/03/27/asia/north-korea-kim-jong-un-china-visit/index.html

Looks like China is trying to get a little advice from Kim about how to deal with Trump. Rumor amongst the Chinese “workers” I had to work with is that Kim was forced to bring his wife along for Xi.

Best place on meth
Member
Best place on meth

“Kim was forced to bring his wife along for Xi”

Are you saying Miss Kim spent her time fucking the dog?

Hyper-mega-Bull
Member
Hyper-mega-Bull

xi is going to be surprised when trump snatches n. korea out from under him and flips it into a neutral state.

KickThemOut
Member
KickThemOut

Yeah? So you think Fatty Kim is going to stand by while Trump grabs his woman by the p**ssy and how her what a real man is?

KickThemOut
Member
KickThemOut

Yeah? So you think Fatty Kim is going to stand by while Trump grabs his woman by the pussy and how her what a real man is?

Name
Guest
Name

http://www.news1130.com/2018/03/28/money-laundering-review-vancouver-real-estate/

“The bottom line for British Columbians is they want to know who’s owning the property and they want to know where the money’s coming from.”

The BC NDP are doing a fantastic job and David Eby is a great guy for tackling this crime problem that the BC Liberals ignored and profited from for 16 years.

Oracle
Guest
Oracle

What policy did they enact?

Nothing.

kabloona
Member
kabloona

I guess you never listened to his testimony…..

Too complicated for you…??

😀

Just me
Guest
Just me

Ditto.

Renters should have pets
Guest
Renters should have pets

http://www.news1130.com/2018/03/29/landlords-pet-owners/

This is s a free country and renters should be able to have pets. After all it is in the animal’s best interests to keep them out of the SPCA or worse.

Best place on meth
Member
Best place on meth

Amateur landlords, as much as I despise them, should not be forced by the government to accept someone’s Rottweiler into their suite.

This is yet another reason why this city should have built hundreds of thousands of units of public housing, like 30 fucking years ago.

Canadian politicians have been failing us for a long time.

Royce McC
Guest
Royce McC
I understand that people value their pets very highly, and I sympathize that it’s hard to find pet-friendly places. But I think the decision to allow pets should be managed at the same level of as those related to smokers because pets impact rental spaces. Some pet places will forever after be pet spaces due to smells or allergy considerations, and people don’t want to limit their prospective clients that much. Or, as an example, a landlord renting out their basement may have an allergy. There may be room for some mild level or protections for pet owners (I’m open to hearing ideas if people have them), but I sincerely doubt you will realistically be able to legislate many pet protections in the context of housing. And even more than that, I think that the subset of people who are… Read more »
KickThemOut
Member
KickThemOut

It’s a free country and landlords should have the right to decide if they like to rent to people with pets, and set conditions of rentals that renters are free to reject and rent somewhere else.

Name
Guest
Name

So you hate animals as well as people? You are the true disgusting loser.

KickThemOut
Member
KickThemOut

So you think other people should be forced to subsidize and pay for your failure to act as a responsible pet owner? How simple is it to grasp the concept of personal responsibility. If you can’t provide a stable home for an animal, don’t get the animal in the first place!

Seems to me you are the disgusting loser. Can’t provide proper care so you want other responsibility people to do it for you for free.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Some people unfortunately really take the piss. Like German Shepherds confined to 800sqft on the 20th floor. Some seem to use larger animals as a status symbol. The welfare of the animal doesn’t seem to be so high on their priority list.

KickThemOut
Member
KickThemOut

exactly, and yet they whine about landlords who don’t want a piss drenched smelly carpet after 1 yr with no way to recoup the cost. Who is the real freeloaders here? certainly not the landlords who are stupid enough to subsidize renter’s lifestyle already.

No one needs two houses
Guest
No one needs two houses

http://www.news1130.com/2018/03/29/retirees-bc-speculation-tax-unfair/

These freeloader property owners who don’t want to pay their fair share of taxes on their assets make me sick with their entitlement.

patriotz
Member

When Rick Smith’s son decided to move from Yukon to Victoria for college he bought him a condominium to avoid high rents, but a new provincial tax means the property may turn out to be more of a financial burden than anticipated.

This is supposed to be a sob story? Give me a break! Something doesn’t add up either – if it belongs to Junior, he can declare it as his principal residence. Maybe Dad really bought it as an investment property?

Best place on meth
Member
Best place on meth

“Maybe Dad really bought it as an investment property?”

Exactly!

They wanted to profit from real estate while their kid was in college, now their feeding us their bullshit sob story.

Just me
Guest
Just me

There is definitely something fishy.
It seems an easy way out would be to declare principal residence for the son.
These guys are playing some tax game.

Just me
Guest
Just me

This takes the cherry:

“We spend money on food, restaurants, entertainment, we bring up friends. There is a large contribution to the Canadian economy,” he said.”

So, if someone buys a lot of stuff we should forego taxes on them? Is this the principle on which our society is built?

Shut It Down Already (original)
Guest
Shut It Down Already (original)

The items they buy are taxed and the money they used to buy them was also taxed. The property already is subject to its own taxes, again paid out of post-tax income.

To imply they pay no tax is a just another example of your bitter jealousy.

Just me
Guest
Just me

They need to pay higher taxes if they choose to own multiple homes in their name. Period.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

You’re jealous. Period.

Name
Guest
Name

You’re an idiot. Period.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Try and at least pretend to engage in debate just once, dumbass?

Just me
Guest
Just me

I am engaging in debate. You are insulting everyone.

By the way, the ridiculous argument you used above suggests that we should all ask the government to pay our income taxes back, committing to spend the whole loot so that we can support the economy.

Best place on meth
Member
Best place on meth

AID, stop pretending you actually debate, ever.

All you do is insult people and race bait.

You’re a nasty hypocrite. Full stop.

kabloona
Member
kabloona

Coming from you,that’s hilarious….. 😉

KickThemOut
Member
KickThemOut

Just like those pesky seniors, not paying any income tax.

Just me
Guest
Just me

Pensions are taxed.

Royce McC
Guest
Royce McC

Also, those pesky seniors typically have a lifetime of contributions to income taxes, etc. Seems to me, that’s roughly a part of our social contract: work and contribute for a long time and get some breaks later.

Without the decades of earlier contributions (here or in a similar place), I’m pretty sure people would take a long look at arrangements that let seniors off the hook for taxes.

KickThemOut
Member
KickThemOut

So during their life time of contribution, they didn’t use any of the social services?

Royce McC
Guest
Royce McC

Many people are net contributors to the system during their working years and net takers afterwards. Context matters.

Maybe you should cut your slavish devotion to this deliberately obtuse routine you deploy in every single thread. It undercuts any valid points you might have. Or don’t. Whatever.

Dyugle
Guest
Dyugle

Gotta love those net takers moving here to retire?

Just me
Guest
Just me

They would be able to avoid the tax by putting the property in the name of their child. But I suspect that would not be tax efficient for other reasons.

I have zero sympathy for these guys. In my eyes, they are as Bas speculators as the mainland Chinese. They are all trying to make easy money on the back of people who live, work and pay taxes over here.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Just rent it out at a loss. Even though that makes them speculators by definition they’ll avoid the tax.

KickThemOut
Member
KickThemOut

And renters are paying their fair share of taxes? last time I check, renters don’t pay any property tax but makes full use of all civic services that are paid by property taxes. Seems like renters are the freeloaders.

Name
Guest
Name

Renters don’t own the asset so they don’t pay the tax. Boy are you dumb.

KickThemOut
Member
KickThemOut

But they use services provided by property tax they don’t pay hence free loaders! Seems like you are the dumb one for not understanding that obvious point.

backwardsevolution
Guest
backwardsevolution

Renters ARE paying taxes; it’s just included in the rent.

KickThemOut
Member
KickThemOut

So all the rich immigrants are pay business tax & local’s income tax since those are included in the price too!

dyugle
Guest
dyugle

Last time I checked, not everyone worked in the real estate industry. Just sayin.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

That’s not strictly true because there’s a limit to how high rents can go (affordability is the constraint) so owners don’t necessarily have the luxury of passing on all costs.

Royce McC
Guest
Royce McC

I think you are correct. But on the flip side, owners of real estate assets here benefit from a wide array of favorable policies/ tax treatments that owners of other assets cannot access.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

CGT on other asset types isn’t an example of favourable taxation?

dyugle
Guest
dyugle

CGT on principal residence is ZERO. It is not comparable to any other asset as the % of tax on any other asset is infinitely greater,
And second homes are taxed at the favorable CGT rate even though no capital improvements need to be made to the property to qualify. How sweet is that.

dyugle
Guest
dyugle
Not right at all. The residential tax rate is artificially low and subsidized by the business tax rate. That is a freeloading subsidy. On top of that there is the home owners grant. On top of that the first time buyers grant. On top of that the tax free capital gain. On top of that the CMHC. On top of that the robbing of the RRSP for down payments. Now lets look at what the subsidized residential tax rate does not cover. The airports, universities, hospitals, transit and schools, which all add to the value of a house. If you think all the workers and their pensions and the capital costs associated with these are covered by the subsidized residential tax you are deluded. If you think the businesses that pay the higher tax rate to subsidize the home owners… Read more »
KickThemOut
Member
KickThemOut

So if I open a business in downtown Vancouver that hires 45 Vancourites, and 150 people from the suburbs, I shouldn’t need to pay higher property taxes for the fact that Vancouver now has to create enough transportation capacity for those 150 people commute to & from work?

dyugle
Guest
dyugle

No. There are enough taxes on gas to cover this. Next question.

No one needs two houses
Guest
No one needs two houses

And whether renting or owning I pay a shitload of taxes on everything from my income to my gasoline and everything else that I buy. Only the narrow-minded bigots here who think being a homeowner is the only way to go have that myopic viewpoint on taxes.

KickThemOut
Member
KickThemOut

Seems like only the supporters of the tax think that.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Why are you buying gas? No one needs to own a car in a city! Only a narrow-minded bigot would choose to live far from transit and then destroy the environment by driving a car! You need to be taxed into oblivion for your poor choices!

See how easy and stupid it is to demonize entire groups like this?

If I want two houses I’ll buy two houses.

Just me
Guest
Just me

“If I want two houses I’ll buy two houses.”

Fair enough. And you will charged higher taxes on your second one.

Best place on meth
Member
Best place on meth

And if you can’t afford that, you should move.

bestplaceonearth
Guest
bestplaceonearth

The Vancouver sun said that some Vancouver RE investors might get double wealth-taxed from this city and the NoDealParty. This tax on the wealth will have to go to the garbage can.

Just me
Guest
Just me

And the best part is: they can avoid it if they rent out their places.

Let’s see what happens next.

bestplaceonearth
Guest
bestplaceonearth

The worse part is this is a wealth tax and has nothing to do with affordability. Affordability train has long left the town. When will this get ingrained to your brain?

KickThemOut
Member
KickThemOut

If NDP really cared about affordability, they would have lowered income tax which would be a boom to the working families.

xhistory
Guest
xhistory

You gotta be very careful with with Gematria

Two errors in the last two posts…

Stephen, should be
1,2,5,7,8,5,5

Streppel, should be
1.2.9.5.7.7,5,3

With our Chief Banker, he is exceptional well endowed with Emotional energy leading to Transformation… and since it is Money, it stands to Reason, the 8’s are Proof. (H,Z)

8’s are by definition, your Transformational number… and WHY they show up in Vancouver Real Estate.

xhistory
Guest
xhistory

Paul
7,1,3,3

F Streppel
6,1,2,5,9,7,7,5,3

This is my name in numbers. I might expand this by invoking my full middle name.

FRANCIS
6,9,1,5,3,9,1

See how the 9’s show up in the middle name?

Odd numbers are masculine
in my full name i have (3) 9’s, (3) 7’s, (3) 5’s, (4) 3’s, (4) 1’s……

Even numbers are feminine
And only (1) 2, and (1) 6

This is Gematria

xhistory
Guest
xhistory

Stephen S Poloz

Stephen
1,1,5,7,8,5,5

S Poloz
1,7,6,3,6,8

It’s somewhat rare to see two 8’s in a WASP name. And rare to see no 9’s

Just me
Guest
Just me

Private companies spent $47K to send Surrey’s mayor to real estate conference
Linda Hepner was a speaker at Les Marche International des Professionnels de l’immobilier in Cannes

http://www.cbc.ca/news/canada/british-columbia/private-companies-spent-47k-to-send-surrey-s-mayor-to-real-estate-conference-1.4598087

Is this even legal?

Bestplaceonearth
Guest
Bestplaceonearth

Hey NDP paid shill, tell your boss to lay off the housing adds on tv. It’s a waste of tax payers money.

Just me
Guest
Just me

Conflict of Interest?

Douglas Elford — whose newly formed Surrey Community Alliance party hopes to challenge Hepner’s Surrey First team in the upcoming election — says the city shouldn’t depend on developers to pay for trips.

“We’re concerned about the perceived conflict of interest,” he said.

“We have developers donate to a fund that pays for a mayor’s travel and, potentially, the politician could be voting on the same developer’s proposal down the road.”

Just me
Guest
Just me

Registration and booth rental $19,000
Furnishings for booth $12,000
Flights, hotels and per diems $27,000
Offset by sponsorship $47,000
Cost to City of Surrey $ 11,000

Just me
Guest
Just me

A handful of private companies picked up most of the $58,000 cost to send Surrey’s mayor and three city staff members to a real estate conference in the south of France earlier this month.

Linda Hepner was invited to speak at Les Marche International des Professionnels de l’immobilier (MIPIM) 2018 in Cannes, which ran from March 13-16, according to a staff report that went to Surrey council earlier this year.

Hepner’s accommodation and registration were covered by the conference and the city spent about $11,000 on the event.

Contributions from Blackwood Partners, Concord Pacific, Century Group, Surrey Fraser Docks and Surrey City Development Corporation paid for the rest of the trip.

Whistler or Bust?
Guest
Whistler or Bust?

Prices are still going up. There is no correction little lone a crash.

Sadly, unlike Toronto or anyplace else innthe world we are still defying gravity.

Malli
Guest
Malli

Proof ?

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Zolo shows almost all types of condo and townhouse up over the last 3 months. Some types of detached are also up, but on aggregate they’re down.

Specuskeptic
Member

Two questions:
1) Will we get stats today?
2) Will there be a 10K party? (LOL)

bestplaceonearth
Guest
bestplaceonearth

Even Paul got tired of the bears – there was only demands but no business from them.

Royce McC
Guest
Royce McC

@bestplaceonearth: Solid analysis. You should ask Paul if that’s true. (I already know the answer.)

Think: he has maintained his presence here for a reason.

dyugle
Guest
dyugle

Paul has kids and it is spring break. You do the math.

KickThemOut
Member
KickThemOut

Interesting that bears don’t

Best place on meth
Member
Best place on meth

The real estate board has murdered Paul, and silenced the others.

Specuskeptic
Member

Oh, we laugh now….